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Circor International Inc (CIR) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Circor International Inc

CIK: 1091883 Ticker: CIR
EXHIBIT 99.1

CIRCOR Reports Second-Quarter 2019 Financial Results

Burlington, MA - August 1, 2019

CIRCOR International, Inc. (NYSE: CIR), a leading provider of flow control solutions and other highly engineered products for the Industrial, Energy and Aerospace & Defense markets, today announced financial results for the second quarter ended June 30, 2019.

Second-Quarter 2019 Highlights

Orders of $276 million and Revenue of $270 million
Orders in A&D grew 57% year-over-year
GAAP Operating Margin of 1.5%, down 120 bps year over year; 280 bps sequentially
GAAP Loss per Share of $(0.93)
$0.45 Adjusted Earnings per Share; $0.56 excluding Engineered Valves
Adjusted Operating Margin of 8.7%, up 50 bps year-over-year; 120 bps sequentially
Completed divestiture of non-core Engineered Valves in July
Adjusted Operating Margin of 10.0% excluding Engineered Valves
Industrial Segment Operating Margin of 13.5%, up 200 bps year-over-year; 380 bps sequentially
A&D Segment Operating Margin of 16.1%, up 390 bps year-over-year; 80 bps sequentially

“We reported solid second-quarter 2019 results driven by strong performance in our Industrial and Aerospace & Defense businesses,” said Scott Buckhout, President and Chief Executive Officer. “We reduced our debt by almost $60 million in the first half of 2019, underscoring our commitment to deleveraging. In July, we completed the divestiture of our loss-making upstream oil & gas engineered valve business, which is consistent with our strategy to exit non-core businesses and further simplify the Company.”

Mr. Buckhout continued, “As detailed in our June investor update presentation, we are executing on a detailed plan to deliver substantial earnings growth while deleveraging over the next 18 months. Our second-quarter results are right in line with that plan.

“Looking ahead to the second half of the year, we expect results to continue to improve as we benefit from higher volume, price increases and additional integration savings. We remain focused on enhancing shareholder value and we are confident that our plan will deliver significant value in the near- and long-term,” concluded Mr. Buckhout.

Execution of Our Strategic Plan and Evaluation of Value Creation Opportunities - Our Path Forward

The CIRCOR Board of Directors and management team have taken decisive actions over the past five years to transform the Company, and we continue to build on that transformation. CIRCOR has outlined a comprehensive 18-month plan to deliver substantial value to shareholders. We delivered on our plan in the second quarter, and we are confident in our previously provided outlook for the balance of 2019 and 2020. As we continue to build on our transformation and execute our strategic plan, the Company will evaluate a broad range of operational, financial, and strategic options that could potentially deliver value in excess of the strategic plan. These options include further portfolio simplification, capital allocation opportunities, and the sale of part or all of CIRCOR, among others. There can be no assurance that the Company will

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The following information was filed by Circor International Inc (CIR) on Thursday, August 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Circor International Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Document And Entity Information Document
Condensed Consolidated Statements Of Shareholder's Equity
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Statements Of Consolidated Comprehensive Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Impact On Comprehensive Income) (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Contingencies And Commitments
Contingencies And Commitments (Narrative) (Details)
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details)
Contingencies And Commitments (Tables)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details)
Goodwill And Intangible Assets (Goodwill, By Segment) (Details)
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details)
Goodwill And Intangible Assets (Tables)
Guarantees And Indemnification Obligations
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details)
Guarantees And Indemnification Obligations (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Components Of Inventory) (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Balance Sheet Impact Of Leases (Details)
Leases - Components Of Lease Costs (Details)
Leases - Estimated Future Minimum Operating And Finance Lease Payments (Details)
Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Details)
Leases - Schedule Of Weighted Average Remaining Lease Term And Discount Rates (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Retirement Plans
Retirement Plans (Components Of Net Pension Benefit Expense) (Details)
Retirement Plans (Tables)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Segment Information
Segment Information (Reportable Segment Information) (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation Ceo Inducement Stock Award (Details)
Special Charges Narrative (Details)
Special Charges/Recoveries
Special Charges/Recoveries (Details)
Special Charges/Recoveries (Tables)
Special Charges/Recoveries Charges Incurred To Date (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Sign Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)
Ticker: CIR
CIK: 1091883
Form Type: 10-Q Quarterly Report
Accession Number: 0001091883-19-000054
Submitted to the SEC: Thu Aug 01 2019 1:11:00 PM EST
Accepted by the SEC: Thu Aug 01 2019
Period: Sunday, June 30, 2019
Industry: Miscellaneous Fabricated Metal Products

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